A big push to promote carbon capture as a potential source of revenue for farmers has come up short.
As reported in Agriculture.com, less than 1% of large-scale operators polled for the monthly Ag Economy Barometer by Purdue University said they had discussed carbon contracts with any company, down from to 2% earlier in 2021.
For the survey Purdue called 400 producers from Oct. 18-22, focusing on farmers with over $500,000 a year in crop and livestock production.
Economists James Minters and Michael Langmeier who work on the barometer commented: “It appears that despite a rise in interest and publicity, awareness of carbon capture opportunities by producers on their farms has not increased.”
Just under 30% of farmers polled stated they are “aware of any opportunities to receive payments for capturing carbon on your farm.”
It appears the promotional initiatives at the start of the year, spearheaded by the Biden administration – and flanked by startups who also want to provide payments – haven’t reached or resonated well enough with the target audience.
The highest percentage of farmers who stated they are aware of payment opportunities for carbon capture was 46% in April according to the poll.
“Among the very small number of producers who had discussed payments with companies, the most common payment offered was less than $10 per tonne of carbon followed by payment rates of $10 to less than $20 per tonne,” said Purdue.